Abigail Johnson, president of Fidelity Investments Personal and Workplace Investing business, is expected to chair the board that oversees Fidelitys fixed-income and asset allocation funds.
She was named chairwoman of 23 of those fixed-income and asset allocation funds on May 21. On May 29, Fidelity filed proxy statements nominating Ms. Johnson for a position as trustee on the remaining 138 funds.
The voting by shareholders will take place leading up to the July 15 annual shareholders meeting.
Along with the fixed-income and asset allocation board, Fidelity has a board overseeing two equity and high-income funds. Fidelity Chairman and CEO Edward Ned Johnson father of Ms. Johnson continues to serve as chairman of the latter board, said spokeswoman Anne Crowley.
At one time, Fidelity had one board with oversight of all of the firms funds.
We started the process two years ago to split the board, Ms. Crowley said, adding that the firms lineup has grown to more than 400 funds.
The process was finalized last summer.
"It was the next logical step, after the splitting of the boards, that they should have two distinct chairmen," Ms. Crowley said, adding: "This has nothing to do with successorship."
Ms. Johnson also currently is vice chairman of the board of directors for Fidelitys parent company, FMR.
Sue Asci is a reporter at InvestmentNews, a sister publication of Pensions & Investments